Jos. A. Bank sales rise slightly in fourth quarter

MichaelCalia

Jos. A. Bank Clothiers Inc. said its fiscal fourth-quarter sales rose slightly as a strong holiday period buoyed results but was offset by the impact of severe winter weather after the season.

The men's clothing retailer said the current quarter has gotten off to a strong start, however.

"We have generated double-digit total sales gains in fiscal February and the first four weeks of fiscal March of 2014, reflecting positive consumer response to our promotions as well as ongoing strength in the non-promotional portion of our business," Chief Executive R. Neal Black said.

Jos. A. Bank last month agreed to be acquired by Men's Wearhouse Inc.
MW
for $65 a share in a deal that effectively ended a long takeover battle between the rivals. As a result of the agreement, Jos. A. Bank terminated its $825 million deal to buy retailer Eddie Bauer.

The Men's Wearhouse deal is expected to close by the third quarter.

For the period ended Feb. 1, Jos. A. Bank posted a profit of $27.4 million, or 98 cents a share, down from $28.4 million, $1.01 a share, a year ago. Excluding costs related to the Men's Wearhouse deal and other strategic moves, earnings came in at $1.07 a share. The company said in February it expected per-share adjusted earnings of $1.04 to $1.10.

Sales rose less than 1% to $356 million, in line with projections from analysts polled by Thomson Reuters. The year-ago period included 14 weeks of sales, compared with 13 weeks in the most recent quarter.

Comparable-brand sales rose 1.8%, in line with the company's guidance.

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